HUNTINGTON BEACH — Mach Industries raised a $300 million Series C funding round at a $1.8 billion valuation in June 2026. The company’s valuation increased nearly fourfold in one year, rising from $470 million in June 2025.
The round was led by Infinite Capital and Ribbit Capital, with participation from existing investors including Bedrock Capital, Sequoia Capital, and Khosla Ventures. According to CEO Ethan Thornton, the company initially sought to raise $200 million but increased the target due to strong investor demand. "We went out to raise 200 [million dollars] and we were extremely oversubscribed at 200 and happy with the price, so we decided to push up to 300. We're still oversubscribed at the 300 mark," Thornton said.
Mach Industries, founded in 2023 by then-19-year-old Ethan Thornton after he dropped out of MIT, is headquartered in Huntington Beach, California. The company has grown from about 12 employees in its first year to approximately 350 by June 2026 and operates a 115,000-square-foot manufacturing facility in Huntington Beach, with additional design and production sites elsewhere. "So by the end of this year, in 2026, we will have brought on four new production facilities," Thornton said.
Mach Industries is developing five autonomous vehicle systems: Viper, a jet-powered vertical takeoff vehicle; Glide, a high-altitude glider capable of launching weapons; Stratos, an airborne surveillance platform; Dart, a low-cost counter-drone interceptor; and Pike, intended for launching long-range munitions. Production on at least three of these systems is expected to begin in 2027.
Mach Industries won a Department of Defense contract from the Defense Innovation Unit to develop the Navy’s new "runway-independent strike aircraft," described as a very large aircraft with potential commercial applications. The company also acquired solid rocket motor startup Exquadrum in a $50 million cash-and-equity deal, beating more than eight other potential buyers. The acquisition addresses a market shortage of solid rocket motors, where lead times can stretch to multiple years due to high drone demand and limited suppliers.
Mach Industries has launched a commercial division, Mach Energetics, to sell rocket engines, and reports a revenue mix of roughly 50% government and 50% commercial sales. "Traditionally, it's four years to build a jet engine. That's about the fastest you can find in this space. And we went from no team to building a team to a jet engine firing in about eight months," Thornton said.
No independent assessment of Mach Industries’s claims was available.